Cardiovascular devices are adopted to diagnose and treat several heart diseases along with associated heart problems. Cardiovascular diseases or CVDs have been determined as the critical pain points of the medical industry. The key reason for mortality and disability worldwide is stroke or IHD (ischemic heart disease). Cardiovascular devices and their prominence in heart-related therapies are rapidly being brought into the limelight. The Cardiovascular Devices Market is likely to grow at the rate of 16.6% CAGR by 2027.
Escalating demand and awareness on minimally invasive surgeries will propel market growth in the coming years. The key factors which drive the patient preference for minimally invasive procedures are advantages such as reduced risk of infection, small incisions, and relatively less time-consuming. The market is projected to obtain significant growth over the forecast period with the continuous technological developments towards miniaturization, material biocompatibility of implantable, and advanced navigation devices. Further, the increased risk related to cardiac procedures is likely to hamper the cardiovascular devices market growth.
As per the market by device, the diagnostic and monitoring devices segment is likely to have major growth in the coming years. This is due to the growing number of local and regional players in the global market contributing to the elevating demand for advanced cardiac device therapeutic purposes. Moreover, under diagnostic and monitoring devices, ECG devices are being majorly used in cardiovascular diseases.
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As per the market by application, cardiovascular devices are majorly applicable in coronary heart disease, a segment to hold a largest share in the market. This is due to the presence of the devices that include coronary stents used to treat coronary heart disease, which includes the narrowing of the arteries and may result in other cardiac conditions such as heart attacks.Further, based on end-users, the prominent end-users having a major role in the market growth are hospitals. This is due to the increasing requirement for trained medical professionals to install vital cardiovascular devices such as stents. In addition, the hospitals are considered to provide medical procedures such as installing stents with minimum adverse reactions in patients.
As per the geographical analysis, North America accounted to acquire a substantial share of the market. The substantial share is ascribed to the key manufacturer’s presence in the region, high incidence of cardiovascular diseases, and Canada, the major factor for the expansion of the market.